Bank of Montreal (TSX:BMO) announces a share repurchase program. Under the normal course issuer bid, the company will repurchase up to 15,000,000 common shares, representing 2.32% of its issued and outstanding shares and its public float. The company will pay the market price for the shares at the time of the acquisition.

The repurchases will be made through the facilities of the Toronto Stock Exchange. The repurchased shares will be cancelled. The timing and amount of any purchases under the bid is subject to regulatory approvals and to management discretion based on factors such as market conditions.

The daily maximum number of shares available for repurchase, pursuant to the rules of the TSX for the purposes of the bid is 323,140 shares. The bid will expire on January 31, 2016. As of January 20, 2015, the company had 647,010,114 shares issued and outstanding and 646,296,492 shares in public float.